Uzbekistan cuts minimum charter capital for small businesses

Business Materials 16 May 2011 11:07 (UTC +04:00)

Uzbekistan, Tashkent, May 16 / Trend D.Azizov /

Based on the recent presidential order, Uzbekistan will reduce the minimum size of the authorized capital for creation of limited liability companies and additional liability companies to 40 sizes of minimum salary, which was set on the day of registration, from June 1.

Uzbek President Islam Karimov has recently signed a decree approving measures on further improving of order on organization and state registration of entrepreneurs.

The previous minimum was 50 size of minimum wage. Currently, minimum wage in Uzbekistan is 49,735 soums.

The decree approved proposals of the Ministries of Economy, Justice and Finance on expanding list of activities of small businesses, number of average employees at which will be increased from 50 to 100 people.

The rate of the state duty for state registration of the businesses set at the size of one minimum salary, the document said.

Starting from June, the state registration of small businesses on their appeal may be carried out based on standard constitutive documents. The signed document abolished requirement on approval of constitutive documents by notary officers. However, this requirement will remain for enterprises with foreign investments and other companies with foreign capital.